logout

Store Research

AB 550 (2008) c. 297

Some bill research does not include the Governor's file because at the time we researched the bill, the sitting Governor had not released his chaptered bill file. If the Governor's file is not included with this particular research, please contact our office (1-530-666-1917 or quote@legintent.com) and we will be happy to provide this file at no charge if it is available. Please Note: Governor files did not exist prior to 1943.

AB 550, c. 297: Property taxation; business property; audit. Deletes the current requirement that assessors audit, at least once every four years, all taxpayers with locally assessable trade fixtures and business tangible personal property of $400,000 or more, and instead enacts a new mandatory audit procedure. Two basic goals: (1)  to provide assessors more flexibility to maximize their limited audit resources by reducing the total number of mandatory audits; and (2) to improve reporting compliance by expanding the parameters of taxpayers subject to a mandatory audit. Improves accurate reporting and compliance while furthering efficiency, effectiveness, and fairness for all taxpayers reporting their assets.